Press release from Marketwire
Sunridge Energy Announces Promising Preliminary Results From Second Well
Tuesday, August 07, 2012
Sunridge Energy Announces Promising Preliminary Results From Second Well12:39 EDT Tuesday, August 07, 2012CALGARY, ALBERTA--(Marketwire - Aug. 7, 2012) -Sunridge Energy Corp. ("Sunridge" or the "Company") (TSX VENTURE:SRG) is pleased to announce highly encouraging results from the recent drilling of the Company's second well at the North Central area in the Province of Alberta.The second well was cored and cased for production on August 3, 2012 and preliminary analysis indicate a reservoir of 15.0 metres in thickness, with net oil pay of 13.0 metres, twice the thickness of the Company's discovery well. The well is located approximately 4.5 km from the Discovery well, which has been on production since July 1, 2012 at a monthly average of 58 barrels per day. Detailed core analysis and an ensuing completion program are currently being undertaken for the second well. Production from this well is anticipated to commence in early fourth quarter of this year."We are very encouraged with the production from the discovery well and the net pay of the second well is in line with our original expectations," states Dwayne Tyrkalo, CEO of Sunridge. "With our findings and a planned detailed seismic program, we will continue to develop our contiguous 4,000 acre land position."Sunridge has a 90% working interest in the second well and 80% working interest in the discovery well.ABOUT SUNRIDGE Sunridge Energy is an exploration and production company focused on highly economic, low-cost sustainable oil development in Western Canada.Forward-Looking StatementsInformation set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Sunridge cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Sunridge's control. Such factors include, among other things, risks and uncertainties relating to Sunridge's ability to bring its second well onto production or to further develop its 4,000 acre land position. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Sunridge undertakes no obligation to publicly update or revise forward-looking information.FOR FURTHER INFORMATION PLEASE CONTACT: Dwayne TyrkaloSunridge Energy Corp.Chief Executive Officer403-718-9591403-265-7335 (FAX)firstname.lastname@example.orgNEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.